U.S. gas prices see first dip in months

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.

Crude oil, which makes up about 70% of the price at the pump, went down slightly in the past two weeks,

Story highlights

Gas prices had climbed nearly 54 cents since late December

They dipped more than a nickel in the latest Lundberg Survey

"More pump-price declines seem to be on their way," Lundberg says

U.S. gasoline prices broke a nearly three-month upward spiral in early March, and motorists can expect a bit more relief in the coming weeks, according to the latest Lundberg Survey.

The average price of regular across the continental United States stood at $3.74 on Friday, a 5½-cent drop from the last Lundberg report on February 22, survey publisher Trilby Lundberg said. That comes after an increase of nearly 54 cents since late December, she said.

Crude oil, which makes up about 70% of the price at the pump, went down slightly in the past two weeks, Lundberg said. Most refineries have finished their seasonal maintenance and are gearing up for spring and summer driving demand, meaning fuel supplies are "more than adequate."

"More pump-price declines seem to be on their way, maybe more than a dime," she said.

The Lundberg Survey canvasses about 2,500 filling stations every two weeks. The most expensive gasoline in the latest survey was in Los Angeles, where fuel averaged $4.23 per gallon; the cheapest was in Billings, Montana, at $3.31.